CTI’s repair services are used in the refinery, marine, power generation, and utility industries. The company’s customer base includes blue-chip customers in all of these industries. In addition to its North American operations in Orange, CT, the company operates a division in Dubai, UAE (www.cti-ind.com).
CTI will operate as an independent division of Rocore and all managers and employees of CTI will remain with the CTI division and join Rocore. Perry Tallman, co-owner of CTI alongside his brother Peter prior to the acquisition, will join Rocore as President of the CTI division. “Our father was a co-founder of CTI in 1976, and CTI is a special part of our family,” said Perry Tallman. “We are confident that we’ve found a great partner in Rocore and Keystone, and we look forward to continuing CTI’s market leading position well into the future.”
Rocore is a designer and manufacturer of heat exchangers and other equipment used to cool air, water, or oil for a variety of applications. Rocore’s products are manufactured out of five North American facilities and are sold to original equipment manufacturers and aftermarket users across a range of industries, including heavy duty truck, power generation, industrial, rail, military, bus and construction equipment. The company is headquartered in Indianapolis (www.rocore.com).
Keystone Capital invests in middle market companies with EBITDAs of $3 million to $15 million that are market leaders in niche, mature industries. Sectors of interest include niche manufacturing, industrial technology, food products and packaging, healthcare products and services, business and professional services. Keystone Capital manages in excess of $200 million in investment capital and is based in Chicago (www.keystonecapital.com).
2015 PEPD • Private Equity’s Leading News Magazine • 6-29-15